KRS 272A.12-090: Unknown claims against dissolved limited cooperative association.

(1) A dissolved limited cooperative association may publish notice of its dissolution

and request persons having claims against the association to present them in

accordance with the notice.

(2) A notice under subsection (1) of this section shall:

(a) Be published at least once in a newspaper of general circulation in the county

in which the dissolved limited cooperative association's principal office is

located or, if the association does not have a principal office in the

Commonwealth, in the county in which the association's registered office is or

was last located;

(b) Provide the name of the association and describe the information required to

be contained in a claim and provide an address to which the claim is to be

sent; and

(c) State that a claim agains t the association is barred unless an action to enforce

the claim is commenced not later than two (2) years after publication of the

notice.

(3) If a dissolved limited cooperative association publishes a notice in accordance with

subsection (2) of this section, the claim of each of the following claimants is barred

unless the claimant commences an action to enforce the claim not later than three

(3) years after the first publication date of the notice:

(a) A claimant that is entitled to but did not receive notice in a record under KRS

272A.12-080; or

(b) A claimant whose claim is contingent or based on an event occurring after the

effective date of dissolution.

(4) A claim not barred under this section may be enforced:

(a) Against a dissolved limited coopera tive association, to the extent of its

undistributed assets; or

(b) If the association's assets have been distributed in connection with winding up,

against a member or holder of financial rights to the extent of that person's

proportionate share of the cl aim or the association's assets distributed to the

person in connection with the winding up, whichever is less. The person's

total liability for all claims under this paragraph shall not exceed the total

amount of assets distributed to the person as part o f the winding up of the

association.